Through the Section 8 Project-Based Housing Program, private rental property owners enter into a Housing Assistance Payment (HAP) contract with the U.S. Department of Housing and Urban Development (HUD).
Under the contract, HUD provides the property owner with a subsidy to cover the difference between HUD-approved rents and the amount the tenant is required to pay each month. And, in-turn, the housing provider commits to maintaining the affordable rents to low-income families for the duration of their contract.
That’s where the Iowa Finance Authority (IFA) comes in. IFA provides administrative services to HUD. IFA monitors all Section 8 Project-Based contracted properties to ensure they are providing decent, safe, and sanitary affordable housing for eligible Iowans.
Resolve health, safety and maintenance issues
Follow-up on physical inspections performed by HUD staff
Conduct at least one management and occupancy review per year
Adjust contract rents in accordance with HUD regulations
Process HAP contract renewals, terminations and expirations
Ensure proper payment of subsidy
And much more